Joinem, a Dallas, Texas-based community-powered digital retailer that aims to monetize social commerce, raised $5m in funding.
Backers include unnamed principals of nine hedge/venture funds, as well as two senior members of Facebook’s executive team.
Led by Darren Waxman, CEO, and Rick Braddock, Executive Chairman, Joinem combines patent-pending collaborative purchase technology platform, sourcing network, vendor relationships, and insights from Big Data to guarantee savings (they say of up to 25 percent off the lowest online prices) on thousands of brands, when the target number of shoppers buy together.
For every product, Joinem scans online mega-retailers such as Amazon, Walmart.com, Target.com and BestBuy.com to identify the lowest price online and deliver guaranteed savings below that lowest price in real-time.
Each customer can fill out a personal social profile to enhance product discovery and receives a personalized referral URL to share with their social networks.